After you line up financing, find a suitable location, hire staff and organize a potentially successful business plan, you must turn to external factors to effectively predict your future. There are a slew of factors to take into consideration that usually are beyond your control. While you may have contingency plans in place to deal with outside influences that affect your business, sometimes the best you can do is improvise when they occur. Economy The global economy is one of the biggest external factors that will, at some time, affect your business.
Lagorio Senior writer, Inc. Lagorio When Harland Sanders sold his first Kentucky Fried Chicken franchise inthe document he prepared for the first batch of franchisees was a mere two pages in length. Things have changed a lot in the intervening years.
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Today, the extremely rigid Franchise Disclosure Document, which is proffered by a franchiser before any agreement is pursued, must contain a preordained list of 23 items. Most franchise agreements run 75 pages or longer. Compared with these highly-formatted documents, a franchise business plan tends to be much shorter and focus on the dream.
It is prepared by the franchisee as an introduction to and overview of a business opportunity and can therefore be more flexible, says Gary Castrogiovanni, a professor at Florida Atlantic University's Adams Center for Entrepreneurship.
Much like any traditional start-up business plan, a franchise plan should provide a company's vision, a financial analysis, and a marketing plan. The main difference is that it must address in detail the economics of both the franchiser and the franchisees - and show how the parent and its affiliates will be able to make money together.
Here's how to read a franchise business plan with a trained eye. The Basics As with any business plan, you should expect to see several sections laid out in a franchise plan, including most vitally an introduction or abstracta management overview, a marketing strategy, detailed financial projections, and the financial requirements for investing in a purchasing a franchise.
Although it's easy to breeze through the first three sections, which lack financial projections or detail about your involvement as an investor, they can yield crucial information and you should spend time reviewing them.
First, you will want to see if any material on the franchisor's website differs from the material in the business plan. You also want to make sure many elements of the franchise's strategy match your company's culture and style. Keep an eye out for the business plan's description not only of the service and products involved, but the size and competitive nature of the business - and the challenges and risks involved.
The business plan should be frank, thorough, and in tune with any additional research you've done on the market. Next, you'll typically come to a description of the management roles in the franchise, including information on the people who fill those roles in biographical form.
Again, you might want to do additional research - even just spend a few minutes on Google - to learn more about and verify the backgrounds of everyone involved.
Where you would normally find industry analysis in a business plan, most franchise business plans typically include a franchise overview, along with a description of the market the franchise would be entering - and its competition. These should be thorough, and lead seamlessly into a marketing plan.
The plan should specify how territories will be carved up, and how many locations per territory a franchisee will be allowed or expected to open. Finally, a franchisor should convey a sense of culture and personality in his or her business plan. Look for a franchisor to display confidence and ambition as well as a sense of loyalty to the prospective franchisees in the proposal.The estate of comedian Garry Shandling, who died in at his home in Los Angeles, has launched a new website to house the stand-up's many writings, notes and journal entries.
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In that case, you have to identify the regions in which your target market members live and apply geographic segmentation to focus your marketing efforts where they will be effective. 6 days ago · Chronicle Live - PM GMT November 23, Aldi and drive-thru KFC among plans lodged for new Northumberland retail park Chronicle Live - PM GMT November 22, PWG Connections to triple turnover after moving to Northumberland business park. A major UK shareholder in Unilever is to vote against the FTSE company’s plans to scrap its dual British-Dutch structure and is urging other investors to follow suit.. The asset management.
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Mar 08, · GRAND RAPIDS, MI -- Meijer plans to open six small format stores in urban settings by This is new territory for the Midwest retailer that pioneered the supercenter concept more than a . 3 days ago · OROVILLE — New business owner Deb Barrett had plans to eventually relocate her brand-new coffee roaster and shop from its original location to a bigger space once her business and customer base.
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